April 19th, 2025— The Ethereum price experienced a slight uptick of 0.75% to reach $1,595 during Friday’s trading session. While the broader market sentiment remains uncertain amid U.S.-China trade tensions, the buying pressure in ETH could be attributed to whale accumulation. The renewed recovery from investors sets the coin price for a breakout past the multi-month resistance of the current correction. Is the $2,000 rally close?
Massive Whale Withdrawals Fuel Bullish Hopes
Amid the tariff-driven uncertainty, the Ethereum price has projected a sideways action around $1,600 for nearly two weeks. The series of neutral candles with rejection on either side indicates no clear initiation from buyers or sellers.
However, the on-chain data shows several large wallets have been actively withdrawing thousands of ETH tokens from top exchanges in recent weeks.
Since April 1, a wallet linked to Metalpha has withdrawn a massive 29,000 ETH, valued at approximately $48.73 million, from Binance.
Adding to the bullish momentum, another prominent wallet, identified as 0xd81E, has moved 46,577 ETH, worth around $97.26 million, from Gate.io since February 15. Similarly, wallet 0x6034 has extracted 10,091 ETH, valued at $18.8 million, from Bybit since March 12.
Historically, the renewed accumulation from deep-pocketed investors has coincided with bottom formation and bullish recovery.
Ethereum Price Test Key Pivot Level
With an intraday jump, the Ethereum price is nearing a bullish breakout from the 20-day exponential moving average. Since late December 2024, the coin price has made several attempts to breach this resistance, but each has failed and bolstered a downtrend ranging from 17% to 35%.
Thus, the potential retest is a crucial pivot moment for ETH to promote further downfall or signal a change in market dynamics. If the altcoin witnessed another reversal from the 20-day EMA slope, the sellers may push an 18% fall to hit the bottom support trendline at $1,250.
On the contrary, a bullish breakout from this resistance EMA will accelerate the bullish momentum for a 20% rally and challenge the resistance trendline of the falling wedge pattern. Over the past four months, the chart setup has steadily corrected within two converging trendlines.
A successful flip of the overhead resistance will signal the end of the current correction.
